The Credit Union Choice
Aug 13, 2018
Make the Switch Today!
Q: I’m thinking of switching my checking account to a credit union. How is it different than using a big bank?
A: You’re not alone. Many Americans are dissatisfied with their banks, and are looking to make a switch.
As a member at Widget Financial, you can expect to have a more rewarding experience. Because Widget Financial is a credit union and is member-owned, we are more attuned to the needs of our members.
While banks and credit unions offer nearly identical services and account choices, there are some differences.
Let’s take a look at how having a checking account in a credit union differs from a bank.
1.) Account fees
To the unsuspecting consumer, big banks may not feel like money-hungry monsters. But while they’re happy to hold onto your money, once your account is up and running, expect to get hit with steep maintenance fees. The average bank charges consumers close to $150 each year for having an open checking account.
On the flip side, Widget Financial has a checking account that does not have a service charge, so you can set up your account and keep it running without it costing a dime.
2.) Overdraft fees
Sometimes, you miscalculate the funds in your account and overspend. If you make this mistake on a checking account at a bank, get ready to cough up those overdraft fees!
Most credit unions will be more willing to forgive the occasional error. While some credit unions do charge an overdraft fee, on average, these fees are a lot lower than what banks demand.
3.) Fewer strings attached
Most big banks won’t allow you to open a checking account unless you have a minimum balance of several hundred dollars. In contrast, Widget Financial does not have a minimum balance on a Widget Checking Account or an HD (High Dividend) Checking Account.
4.) Credit unions are government-regulated
Both credit unions and banks are federally governed. A credit union that’s federally insured, like a bank with federal insurance, covers your accounts up to $250,000. The NCUA reports that “Not one penny of insured savings has ever been lost by a member of a federally insured credit union.”
5.) Superior service
When you’re banking with Widget Financial, you don’t have to worry about overworked tellers, curt managers, or representatives who are indifferent to your individual needs.
When you stop by Widget Financial, you’ll be greeted with friendly, familiar faces and representatives who actually care. They’re always ready and willing to help you because they only have your best interests in mind – always.
Why choose Widget Financial for your checking account? With lower fees, fewer strings attached and better service, it’s the best place possible to park your money!